Seminar discusses Vietnam-US trade ties in new context
Opening the event, Assoc. Prof. Dr. Cu Chi Loi, Director of the Institute of American Studies under the Vietnam Academy of Social Sciences, said since Vietnam-US relations were normalised in 1995, bilateral trade ties have been growing.
The US is a major trade partner of Vietnam, he noted, adding that Vietnam’s shipments to the American market are rising, with the US becoming Vietnam’s biggest importer at present.
Talking about the US foreign policy and its impact on Vietnam, Dr. Nguyen Thi Hai Yen from the Institute of American Studies said the US highly values Vietnam’s role in its Indo-Pacific Strategy as Vietnam has an important geographical and strategic location in the connection of the two oceans.
The administration of US President Donald Trump attaches great importance to enhancing cooperation in politics, diplomacy, economy, defence and security with Vietnam, Yen said.
She added that the Indo-Pacific Strategy will generate many opportunities as well as challenges for Vietnam since competition in the region is entering a new phase that is more complicated, and risks of friction among big countries increases.
Regarding the prospects of Vietnam-US trade relations, Dr. Le Thi Van Nga, another expert from the institute, said bilateral trade ties will keep developing with both exports and imports rising. However, they will be affected by the US’s trade policy that aims to protect domestic producers, as well as by other challenges in the future.
At the seminar, participants stressed the new context is posing considerable challenges to Vietnam during its integration into the world and promotion of economic ties with the US.
Therefore, Vietnam should perfect legal regulations on foreign trade, improve human resources’ capacity, reform production process by importing advanced technologies, and seek new export destinations to reduce dependence on certain large markets, they said.
Related News
Vietnam has a trade deficit of over US$17 billion with China
15:34 | 24/04/2024 Import-Export
Export turnover reaches over US$200 billion in the first half of April
15:04 | 28/04/2024 Import-Export
Developing a strong brand contributes to increased export revenue
07:49 | 29/04/2024 Import-Export
Wood exports started well
13:26 | 20/04/2024 Import-Export
Latest News
Central Highlands needs to develop border gate economic zones for higher export
16:41 | 29/04/2024 Import-Export
RoK burgeoning market for Vietnam’s agro-forestry-fisheries exports
16:37 | 29/04/2024 Import-Export
Experts call for efforts in protecting IP rights
15:02 | 28/04/2024 Import-Export
Policies needed to encourage e-commerce to embrace circular economy
15:00 | 28/04/2024 Import-Export
More News
To maintain its billion-dollar export position, forestry and fisheries enterprises propose additional credit limits
06:15 | 28/04/2024 Import-Export
Efforts to supply US $ one billion of raw materials and cosmetics to replace imported goods
06:14 | 28/04/2024 Import-Export
Ample room for Quang Ninh to attract FDI
19:47 | 27/04/2024 Import-Export
Vietnam’s rice exports may exceed 2024 target
19:46 | 27/04/2024 Import-Export
Opportunity for exporting to Thailand market
14:48 | 27/04/2024 Import-Export
Enterprises want clearer regulations on seafood production
14:05 | 26/04/2024 Import-Export
Vietnam ranks fifth among aquatic product suppliers for Singapore
13:53 | 26/04/2024 Import-Export
Forum seeks to increase PPP investment effectiveness
13:48 | 25/04/2024 Import-Export
Linking businesses with cooperatives to increase the value chain
09:42 | 25/04/2024 Import-Export
Your care
Central Highlands needs to develop border gate economic zones for higher export
16:41 | 29/04/2024 Import-Export
RoK burgeoning market for Vietnam’s agro-forestry-fisheries exports
16:37 | 29/04/2024 Import-Export
Developing a strong brand contributes to increased export revenue
07:49 | 29/04/2024 Import-Export
Export turnover reaches over US$200 billion in the first half of April
15:04 | 28/04/2024 Import-Export
Experts call for efforts in protecting IP rights
15:02 | 28/04/2024 Import-Export